Solana （SOL）, despite its strong fundamentals, has faced significant resistance at the $190 level, leading to a price drop and highlighting the market’s bearish sentiment.
Points
- SOL faces strong resistance at $190, causing price declines.
- High market cap and transaction volumes underscore Solana’s robust fundamentals.
- The price drop is influenced by major assets like Bitcoin and Ethereum.
- Key support and resistance levels are identified for future price movements.
SOL’s Price Performance
Solana （SOL）, the fifth-largest cryptocurrency by market cap, has encountered persistent resistance at the $190 level. Each attempt to breach this crucial resistance zone has been met with substantial selling pressure, resulting in price declines. As of the latest update, SOL is trading near a critical support level, with bears actively dominating the market.
Fundamental Strengths
Solana’s fundamentals remain robust, with a market cap of $74.82 billion and a dominance of 3.35% in the global crypto market. The Total Value Locked （TVL） on Solana’s blockchain has recovered significantly, reaching $6.22 billion, up from a low of $650 million in August 2023. Transaction volumes have also been impressive, with around 37.04 million transactions recorded, generating 24-hour fees of $1.46 million and 24-hour revenue of $7.3 million. Solana’s strong community engagement, with over 2.68 million followers on Twitter and 65.33K Telegram users, further highlights its solid foundation.
Decoding SOL’s Price Movements
Despite its strong fundamentals, Solana’s price has struggled due to market sentiment and external influences from major assets like Bitcoin （BTC） and Ethereum （ETH）. The breakdown of the crucial support level and the negative market sentiment have led to significant liquidations, with $22.44 million in positions liquidated over the last 24 hours.
Key support levels for SOL are identified at $145 and $135, while resistance levels are noted at $175 and $190. If the bearish trend continues, the price could drop to $125. Conversely, a rebound could see the price rising to $175 and potentially breaking past the $190 resistance.
解説
- Market Cap: The total value of a cryptocurrency, calculated by multiplying the current price by the total supply.
- Total Value Locked （TVL）: The total value of assets locked in a decentralized finance （DeFi） protocol, indicating the platform’s usage and trust.
- Bearish Market: A market condition characterized by declining prices and negative sentiment.
- Support and Resistance Levels: Price points where a cryptocurrency tends to find support as it falls and resistance as it rises, often used in technical analysis to predict future price movements.
Understanding these terms and the factors influencing Solana’s price can help investors make informed decisions and anticipate potential market movements.